Barclays is set to implement a number of changes to its mortgage rates, effective from tomorrow (Thursday 8th August).
In its residential purchase range, the lender will be reducing a number of rates, including a 5-year fixed rate mortgage with a product fee of £899 and a loan-to-value (LTV) ratio of 60%.
The rate will drop from 4.04% to 3.84%, applicable to loans between £5,000 and £2m.
Similarly, a 2-year fixed rate mortgage with no product fee and a 60% LTV will see its rate reduced from 4.61% to 4.43%.
Another 2-year fixed rate mortgage, this one with a £899 product fee and a 60% LTV, will decrease from 4.42% to 4.22%.
In Barclays’ remortgage product range, the lender will lower the rate on its 5-year fixed rate mortgage with a £999 product fee and a 60% LTV from 4.26% to 4.06%.
The 5-year fixed rate mortgage with a £999 product fee and a 75% LTV will see a reduction from 4.40% to 4.20%.
Additionally, the 2-year fixed rate mortgage with a £999 product fee and a 60% LTV will decrease from 4.60% to 4.40%.
Barclays’ rate changes will encompass both decreases and increases across different products.
Full details of all product changes are available in the lender’s updated rate overview guide and revised intermediary and reward rate sheets will be available from tomorrow.
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “Barclays has overtaken HSBC as the best buy of the week heading into the weekend, subject to any late offers from Halifax.
“The headline product is a 5-year fixed mortgage at 4.04%, with a £899 product fee, 60% LTV, a minimum loan of £5,000, and a maximum loan of £2m. This rate will decrease to 3.84%.
“This move signifies Barclays’ strong intentions in the market. Instead of making marginal rate decreases, Barclays has boldly offered a 3.84% rate, setting a new standard.”